Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic

被引：0
|
作者：
Robert Lensink
Elmer Sterken
机构：
[1] University of Groningen,Faculty of Economics
来源：
Economics of Planning | 2000年 / 33卷
关键词：
Economic Growth; Czech Republic; Financial Structure; Cash Flow; Capital Market;
D O I：
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中图分类号：
学科分类号：
摘要：
In this study we examine private investment behavior of firms in the Czech Republic. A special feature of the study is that the investment equations include variables which may give some more insights into the role of capital market imperfections as well as the effect of uncertainty. Our results find support for the accelerator model. We find evidence for cash-flow effects on Czech corporate investment. It is striking that indeed smaller longer privatized firms face relatively less cash flow restrictions. Financial structure doesn't matter as much as we expected. We find that smaller firms react positively to more uncertainty.
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页码：53 / 70
页数：17
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